I have finally picked my start day at work! This means that a regular paycheck is just around the corner, along with all of the other great perks of working. So yesterday I sat down and looked at my assets and liabilities and what I expect my income to be and how much I could reasonably save.
I know there are goals I can set that will be no trouble to meet, but that’s not how I am. I like stretch goals and pushing myself. This year I am definitely going to try to live on less than last year (where I spent a ton of money on a remodel). But that’s not all. Here are some of my goals:
- Max out my 401(k) to the legal limit of $18,000. Confession: I have never done this before and it is a little scary, especially seeing as 3 months of paychecks were disability.
- Increase my net worth by $50,000. Confession: I know this is more than most people make in a year, but I am hoping the market gives me a little help because I am not sue this is attainable on my current income and with my current bill (tuition, mortgage, medical, etc.)
That’s it, just two goals this year. Just two goals to focus on, one arguably easier to achieve than the other. I have done the math, and I just don’t see a $50,000 increase in my net worth happening. But, maybe with some creative spending it can happen! And when I go back to work, my spending might actually go down, which seems sort of odd. I am expecting the rest of my remodel to be around $3,000 which is significantly less than it was last year.
Now, at the end of each month, I will update my progress on the $50,000 net worth and maxing out 401(k) goals as well.
What goal(s) are you pushing for?